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article saying republicans would hit steep cuts hitting the pentagon. here is how the defense sector is fairing right now. shall we take a look if we don't have that, we will bring it to you when we do. john harwood, live in washington. hi, john. >> there is no more clarity around this budget sequester situation than there is about the italian elections that michelle was talking about earlier. you've got many republicans as well as democrats saying, either publicly or privately, oh, it's not that bad. if you're a democrat will it cut defense. some say okay, it'll cut spending overall. that's fine too. you have president obama with public pressure trying to convince the american people that bad things are going to happen and put pressure on republicans. he also sent senate remarks in the morning to the white house a way out for both sides. >> democrats, like me, need to acknowledge that we're going to have to make modest reforms in medicare if we want the program there for future generations and if we hope to maintain our ability to invest in critical things like education, research a
recently well. today we do have news from lockheed martin, the pentagon's biggest contractor suggesting that actually sales this year will drop by more if the automatic spending cuts kick in and future years will also be materially affected. what is your view on the sector? >> well, right now, there's just a lot of fear but there has been for some time. so there might be a certain degree of recovery, realizing that it is bad but not the apocolypse that some people have painted it as and there is a good chance that some damage might be undone in that interim period. so while we don't like living in uncertainty and while there will be paying under almost any scenario, it certainly doesn't mean the end. there are definitely positives for this industry in the sector. >> which is the greatest threats. automatic spending can cuts or the fact that you have a president who is in his second term and therefore perhaps more able to cut spending programs that might hit particular cities or regions and a new defense secretary. >> you know, it is interesting. of course a lot of that is simply by even
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